Bitfinex Finds Use of ING Financial Services

ING – Dominant Dutch financial services provider has declared the Bitfinex does have an account with the firm in the Netherlands. Related to the matter, the bank has stated the above after the Follow the Money [Dutch-language website] issued a report, giving out that ING is delivering financial services to the exchange, last week.

Speaking for ING, through the email, Harold Reusken settled that one of the leading exchange platforms for cryptocurrencies [#4 by trading volume in the last days] does hold an account in the Dutch bank:

“ING is typically willing to work with companies that are in the value chain of cryptocurrencies, rather than companies that are in traditional markets and receive or do payments with cryptocurrencies.” The spokeperson said “With regards to companies that are active in the crypto market, we are very conservative”. He continued – “ING is currently experimenting with distributed ledger technology”.

The announcement is very important as it is proof that Bitfinex has achieved and successfully secured banking with a leading international institution. Back in beginning of 2017, Wells Fargo did shut down services to the exchange.

The termination of accounts that were with Taiwanese banks connected to Well Fargo, posts on forums and Reddit have suggested that the exchange has been directing customers to deposit fiat with the exchange via third-party companies such as Crypto Zoo, an obscure bank hailing from Poland, and recently Portugal.

There is information and reports being spread out that Tether/Bitfinex are trying to figure everything out and purchase a bank in Puerto Rico, which movement could be best explained as a way to fly-past the challenges and obstacles met with other companies.

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